Question Summary:
is it permissable to take islamic vehicle finance through various banks ag. Absa.

Question Detail:

is it permissable to take islamic vehicle finance through various banks ag. Absa.

Answer :

In the name of Allah, Most Gracious, Most Merciful

Assalaamu `alaykum waRahmatullahi Wabarakatuh
 
The Darul Iftaa has only approved the Ijaara (leasing) product in the vehicle finance category which is marketed by Wesbank Islamic finance.
 
Products offered by the other banks such as ABSA etc. are not approved by the Darul Iftaa. We had studied their contracts and found certain issues to be un-Islamic. Subsequently, the Darul Iftaa attempted to engage with the Shariah Board of ABSA Islamic Division to discuss these un-Islamic issues in their contract but they were not prepared to engage with the Darul Iftaa.
 
And Allah knows best
Wassalam u Alaikum
Muhammed Zakariyya Desai,
Assistant Mufti
Checked and Approved by:
Mufti Ebrahim Desai
Darul Iftaa, Madrassah In'aamiyyah

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